@Carl Thanks for the thorough explanation. I have a loss on the sale of the rental property and in your reply you indicate the loss needs to be spread across each asset. My question is: How do I allocate the loss to each asset in the depreciation schedule when I only have the total sale price for the property and not broken out by asset. I can estimate what percent is allocated to the land vs improvements by the breakout used on the county property tax forms, but not sure how I can spread out the non-land amount across all the other assets. Like what I would put as the sales price for each asset? Thank you so much!!
